BP’s chief executive Bob Dudley to step down

UK-based energy giant and LNG player BP’s chief executive Bob Dudley is set to step down from his position as well as the company board following delivery of the company’s 2019 full-year results in February 2020 and will retire on March 31, 2020.

The company added that Bernard Looney, currently chief executive, Upstream, will succeed Dudley as group chief executive and join the BP board on February 5, 2020.

Looney will continue in his current role until this date, the company’s statement reads.

Commenting on the announcement, BP chairman Helge Lund said: “Bob has dedicated his whole career to the service of this industry. He was appointed chief executive at probably the most challenging time in BP’s history. During his tenure he has led the recovery from the Deepwater Horizon accident, rebuilt BP as a stronger, safer company and helped it re-earn its position as one of the leaders of the energy sector. This company – and indeed the whole industry – owes him a debt of gratitude.”

BP further added that Lamar McKay, currently deputy group chief executive, has agreed to serve as chief transition officer. In this new role, McKay will support the chairman and incoming group chief executive to ensure a full and orderly transfer of leadership. He will assume this new role immediately and step down as deputy group chief executive.